Former PGG Wrightson boss gets $3m payout
Tim Miles, former managing director of PGG Wrightson, received a $3 million payment when he left the company suddenly in October last year.
The company’s annual report reveals Mr Miles was paid $4.3 million in the year to June 2010.
That included a base salary of $615,000, a short-term incentive bonus of $703,000 and an ex gratia payment of $3 million paid on October 30, 2010, notes to the accounts revealed.
Mr Miles also had a long term incentive scheme involving 2.5 million shares, which terminated as a result of his resignation.
Mr Miles started with the company in March, 2008, after two years in the UK with Vodafone.
He’d previously had a six-year career with the telecommunications company including a stint as chief executive of Vodafone New Zealand and in the UK and chief technology officer.
Mr Miles led PGG Wrightson through its restructuring process following the global financial crisis, which included raising $250 million to reduce debt, the introduction of new shareholders and a refreshed board.
Chinese company Agria has since taken a 50.1% controlling stake in PGG Wrightson, which recently produced a $30.7 million net loss for the year to June 30, 2011 after taking a $47 million hit on accounting adjustments.
That result, which excluded PGG Wrightson Finance, was a big drop from last year’s $23.3 million net profit, with ebitda falling from $57.2 million to $49.4 million, despite revenue rising from $1.09 billion to $1.24 billion.
Mr Miles was replaced as managing director by George Gould.